Auditors' report
74 Rabobank Group Annual Report 2003
We have audited the consolidated balance sheet, consolidated profit and
loss account, cash flow statement and movements in Group equity for
the year 2003, hereinafter referred to as the annual figures, of Rabobank
Group1,as set out on pages 70 to 73 of this report.These annual figures
have been derived from the financial statements of Rabobank Group for
the year 2003, which were audited by us and on which we issued an
unqualified auditors' report on 4 March 2004.These annual figures are
the responsibility of the Executive Board of Rabobank Group. Our
responsibility is to express an opinion thereon based on our audit.
We have established that the annual figures are in accordance with the
financial statements from which they have been derived.
For a better understanding of Rabobank Group's financial position and
results and of the scope of our audit, the annual figures should be read
in conjunction with the full financial statements from which they have
been derived and our auditors' report issued thereon.
Utrecht,4 March 2004
Ernst Young Accountants
Rabobank Group consists of Coöperatieve Centrale
Raiffeisen-Boerenleenbank BA in Amsterdam, its affiliated
Rabobanks, Interpolis NV in Tilburg, Robeco Group NV in
Rotterdam,De Lage Landen International BV in Eindhoven,
Schretlen Co NV in Amsterdam,Effectenbank Stroeve NV
in Amsterdam, FGH Bank NV in Utrecht, Rabohypotheekbank
NV in Amsterdam,Onderlinge Waarborgmaatschappij
Rabobanken BA in Amsterdam and their group companies.
